The Permian Basin in Western Texas and Southeastern New Mexico contains the world’s largest concentration of rocks from the Permian geologic period. Multiple Texas counties make up the Permian Basin, which covers an area that is approximately 250 miles wide and 300 miles long. The Permian Basin has been a major oil production site in Texas for many years. Here’s a look at the history of oil production in the Permian Basin:
The first oil well in the Permian Basin began digging in 1921. Frank Pickrell, head of the Texon Company, named the site “Santa Rita” after the Patron Saint of the Impossible. He christened the oil rig with rose petals given to him by his Catholic investors. Pickrell was successful in finding oil at the site in 1923.
In the late 1920s and 1930s, new methods for locating oil deposits were used to discover areas that had been previously untapped. Until then, oil producers had used surface mapping to choose drilling sites, with mixed success. With the advent of seismic technology, deeper sources of oil were discovered, leading to the Permian Basin’s status as a major oil production site.
In the 1980s, it seemed as though the sun had set on Texas oil production. Due to the economic depression and decline in oil prices, most major companies left the Permian Basin. All that seemed left were secondary and tertiary methods of oil recovery.
Rebirth of the Permian Basin
Because of new technologies such as hydraulic fracturing and horizontal drilling, the Permian Basin is once again filled with oil production sites. The local economy is thriving due to the regained popularity of the Permian Basin with oil producers.
The Permian Basin has a long history of oil production and offering high returns on investments. Call (888) 927-3563 to find out more about investing in oil production in the Permian Basin with Aegis Oil. We make premium acquisitions in proven developmental areas like the Permian Basin.